The new company will become an anchor tenant in ADG group’s Neighbourhood Centres project and will operate 160 screens and 33 cinemas across Moscow. This initial commitment will form the basis for CGV’s planned expansion into the Russian cinema market.
On October 23, CGV and ADG group have announced the establishment of a new joint venture company. The new company will become an anchor tenant in ADG group’s Neighbourhood Centres project: The 33 cinemas will offer a choice of Russian and International movies in 160 screens.
In 2014, ADG group acquired 39 outdated cinemas located in Moscow’s densely populated urban areas in order to redevelop them into Neighbourhood Centres – a new commercial real estate asset class. The project’s mission is to revitalize the historical centres of gravity of these locations and to bring new quality of urban life and retail convenience to over 2,5 million Muscovites living in 15-minutes walking distance from these sites.
Neighbourhood centres offer their visitors everything for a quality time spending and proximity shopping, providing all the essentials in convenient and comfortable environment with a superior customer experience and respect to the interests of local communities. The potential of these physical locations is enlarged by the project’s online infrastructure in order to deliver both omnichannel sales and communications.